On November 9, 2016, India’s Prime Minister Narendra Modi surprised the nation by taking the two highest denomination notes, 500 and 1000 rupees, out of circulation in a daring move towards becoming a cashless society. The demonetization aims to reduce corruption, counterfeiting, black money and terrorism financing, which all rely on cash transactions. To recuperate GDP lost in India’s $460 billion black market economy, Modi wants Indians to conduct all financial transactions digitally going forward so that they can be traced and accounted for...
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